Rentech Nitrogen Partners, a spin-off of clean energy firm Rentech's nitrogen fertilizer business, announced terms for its IPO on Wednesday. The Los Angeles, CA-based company plans to raise $300 million by offering 15 million units at a price range of $19.00 to $21.00. At the mid-point of the proposed range, Rentech Nitrogen Partners, L.P. will command a market value of $765 million. Rentech Nitrogen Partners, L.P., which was founded in 1965 and booked $176 million in sales for the 12 months ended June 30, 2011, plans to list on the NYSE under the symbol RNF. Morgan Stanley and Credit Suisse are the lead underwriters on the deal.
Rentech Nitrogen Partners follows NewLink Genetics Corporation (NLNK) as the second company to file IPO terms this morning. Rentech Nitrogen and NewLink Genetics are the fourth and fifth companies to file terms this month, trailing Ubiquiti Networks (UBNT), ZELTIQ Aesthetics (ZLTQ), and Groupon (GRPN). Timing information for Rentech Nitrogen and NewLink Genetics is still to come.
